OECD's annual survey of the Greek economy. Part I analyzes macroeconomic policies in 1991 and the deviations on the fiscal side from the Medium-Term Adjustment Program. In this part, the budget, monetary targets, and income policies for 1992 are also presented, accompanied by a succinct assessment of the issues and the measures proposed. Economic developments in 1991 and OECD projections for 1992 and 1993 are discussed in Part II. Part III examines new policies and institutions announced or already put in place to deal with public sector inefficiency and tax evasion, which are important impediments to growth. Competition policy and financial deregulation are also reviewed in this part. The conclusions summarize the main problems facing the Greek economy, which are responsible for its disappointing performance for more than 10 years, and also stress the need for more rigorous macroeconomic policies than have been implemented in the last two years, and for speeding up structural adjustment.